(40 ILCS 5/17-146) (from Ch. 108 1/2, par. 17-146)
Sec. 17-146.
To make investments.
To invest the moneys of the Fund,
subject to the requirements and restrictions set forth in this Article and
in Sections 1-109, 1-109.1, 1-109.2, 1-110, 1-111, 1-114 and 1-115.
No bank or savings and loan association shall receive investment funds
as permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of the Public Funds Investment Act.
Those requirements shall be applicable only at the time of investment and
shall not require the liquidation of any investment at any time.
The Board shall have the authority to enter into any agreements
and to
execute any documents that it determines to be necessary to complete any
investment transaction.
All investments shall be clearly held and accounted for to indicate
ownership by the Fund. The Board may direct the
registration of
securities or the holding of interests in real property in the name of the
Fund or in the name of a nominee created for the express purpose
of
registering securities or holding interests in real property by a
national or state bank or trust company authorized to conduct a trust
business in the State of Illinois. The Board may hold title to
interests
in real property in the name of the fund or in the name of a title
holding corporation created for the express purpose of holding title to
interests in real property.
Investments shall be carried at cost or at a value determined
in accordance with generally accepted accounting principles and accounting
procedures approved by the Board.
The value of investments held by the Fund in one or more
commingled
investment accounts shall be determined in accordance with generally accepted
accounting principles.
The Board may
not transfer its investment authority, nor transfer the assets of the Fund
to any other person or entity for the purpose of consolidating or merging
its assets and management with any other pension fund or public investment
authority, unless the Board resolution authorizing such transfer
is submitted
for approval to the contributors and pensioners of the Fund at
elections
held not less than 30 days after the adoption of such resolution by the
Board, and such resolution is approved by a majority of the votes
cast on
the question in both the contributors election and the pensioners election.
The election procedures and qualifications governing the election of
trustees shall govern the submission of resolutions for approval under this
paragraph, insofar as they may be made applicable.
(Source: P.A. 89-636, eff. 8-9-96; 90-19, eff. 6-20-97; 90-32, eff.
6-27-97.)
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